When asked if he would expect the tougher markets to bring about more M&A activity Tomnitz responded:

“I think from our perspective clearly it’s a little early to be talking about M&A largely because of one good reason, as I said earlier the reason your going to buy another builder is primarily for their land and lot positions… and as we work through 07 and I’ve clearly said,… I don’t want to be too sophisticated here… but 07 is gonna suck. All twelve months of the calendar year. ”

Here's the link to the full audio of D.R. Horton's presentation. The "Suck" comment kicks in at 33:30.